LONDON, Jun 08, 2010 (Dow Jones Commodities News via Comtex) -- Vane Minerals PLC (VML.LN) said Tuesday that, through its subsidiary, AVEN Associates LLC, it has acquired 36 new mining claims in the Granite Gap and 25 claims in the McGhee Peak areas of southwestern New Mexico.
-The claimed areas exhibit classic porphyry-style indicators and are situated on federal land near the border with Arizona along the mineral trend that includes the Hillsboro, Chino, Tyrone and Continental porphyry copper deposits.
-The Company's strategy in relation to porphyry copper exploration is based on acquiring low cost properties in productive mineral districts based on analysis of the Freeport-McMoRan database to which VANE has exclusive access; more than 20 targets have so far been identified.
-Following the acquisition of land positions, the Company drill tests these "covered-area" targets along established mineral trends, an exploration technique that has historically proven effective.
-A drilling program for the Granite Gap and McGhee Peak targets is in the process of being developed, drilling permits will then be acquired and exploration drilling will begin as soon as possible upon receiving approval.
-VANE expects that it will be able to commence drilling in the third quarter of 2010.
-This next stage of target development follows results at VANE's recently completed five-hole drilling program at Lordsburg West, 15 miles to 20 miles to the north East of this new area of interest.
-Exploration has been discontinued and the contractor Del Rio Drilling and Pump Inc. will be assigned to new copper exploration project areas once VANE has the relevant permits in hand.
-Shares closed Monday at 3.5 pence.